The D Las Vegas is owned by brothers Derek and Greg Stevens, who bought the property in 2011 when it was still operating as Fitzgeralds Casino & Hotel. They hold it through their corporate entity, Circa Hospitality Group, which also controls two other downtown casinos. Derek serves as CEO and the public face of the business; Greg shares ownership but keeps a lower profile.
Who the Stevens Brothers Are
Derek Stevens grew up in the Detroit area and studied at the University of Michigan before building a career in the auto parts industry. He still runs a privately held Michigan-based manufacturing company. His interest in Las Vegas began during college trips in the 1980s, and he started investing in gaming ventures during the 1990s.
Greg Stevens is his brother and business partner. He shares ownership across the portfolio but stays out of the spotlight. Derek is the one guests are likely to see on the casino floor, greeting people and placing high-profile sports bets that double as marketing for the properties.
How They Came to Own The D
The brothers entered the downtown Las Vegas market in 2008 when they purchased the Golden Gate Hotel & Casino, originally established in 1906 and the oldest casino in downtown Las Vegas. Three years later, they acquired Fitzgeralds and spent roughly $22 million renovating it. The property reopened in late 2012 under its current name, The D Las Vegas, after a multimillion-dollar overhaul of both the casino floor and the hotel tower.
Their willingness to put serious money into aging Fremont Street properties, at a time when most developers were focused on the Strip, earned them a reputation as a driving force behind the downtown revival.
Circa Hospitality Group
The D operates under Circa Hospitality Group, the corporate entity through which the Stevens brothers hold and manage their casino portfolio. The company was previously known as Desert Rock Enterprises before rebranding to reflect the flagship Circa Resort & Casino, which opened in late 2020. The single corporate umbrella lets the brothers consolidate back-office functions like accounting, purchasing, marketing, and human resources across all three downtown properties.
Western Alliance Bank has served as a key financial partner, acting as joint lead arranger and administrative agent for $420 million in senior secured credit facilities. Western Alliance also led the refinancing of Circa Hospitality Group’s existing debt in 2021. So while the Stevens brothers are the decision-makers, the capital structure behind the portfolio involves significant bank syndication typical of major hospitality operations.1Western Alliance Bank. Circa Hospitality Group
The Other Downtown Properties
Beyond The D, the Stevens brothers own two other Fremont Street properties through Circa Hospitality Group. The three operate as an interconnected downtown footprint rather than three standalone casinos.
The Golden Gate Hotel & Casino sits directly across from The D and has operated continuously since 1906, making it the oldest casino in downtown Las Vegas. The Stevens brothers purchased it in 2008 and renovated it in 2012, adding luxury suites and an expanded gaming floor while preserving the vintage character that makes the property a landmark.2Golden Gate Casino. Our Story
Circa Resort & Casino is the newest and largest piece of the portfolio, and the first ground-up hotel-casino built in downtown Las Vegas in over four decades. The hotel tower and rooftop Legacy Club lounge opened in December 2020, following a reported $1 billion investment. Circa features the world’s largest sportsbook, a three-story Stadium Swim pool amphitheater open year-round, and a two-story casino. It was also the first adults-only resort in Las Vegas. Together, the three properties give Circa Hospitality Group a dominant presence on Fremont Street.1Western Alliance Bank. Circa Hospitality Group